| API Swings to Q4 Profit on Record Sales |
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| Written by Mike Buetow | |||
| Wednesday, 11 August 2010 08:39 | |||
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RONKONKOMA, NY -- API Technologies Corp. today reported record fiscal fourth-quarter revenue of $30.1 million, up 378% from 2009 on higher sales and acquisitions. The net income was $300,000, reversing a net loss of $2.1 million. Gross margin was 26.2%, up 90 basis points from 2009. Gross profit was $7.9 million compared to $1.6 million the previous year. Excluding restructuring charges, gross profit would have been $8.5 million. For the fiscal year ended May 31, the net loss widened to $9 million from $6.4 million, including a $5.7 million loss related to discontinued operations and a $3.7 million charge related to restructuring and acquisition expenses. Gross profit rose almost 300% to $17.4 million on a 169% increase in revenue to $68.6 million. Gross margins were up 220 basis points to 25.3%. It marked the first full quarter to include operations of Kuchera Group, which API acquired in January.
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